Mobile credit card processing technology has revolutionized the way many businesses accept payment from customers, enabling them to complete sales transactions without a cash register, from anywhere within at a least a 3G Wi-Fi network. Although few can argue that these mobile systems carry a definite value and hold a specific niche in the service and retail sales markets, it’s also true that mobile payment systems aren’t necessarily right for every business. Here are five reasons your business might not want to use one:
Your Equipment is your iPhone
If you have employees who process your mobile payments, are you really comfortable handing your iPhone over every time it needs to be done? Don’t feel bad if your answer is “no.” Many business owners feel the same way. Unless you can dedicate a separate iPhone to be your primary mobile credit card processing unit, then you might want to forego sales transactions that involve your own phone. (Not to mention the fact that, in the unfortunate event that your iPhone gets damaged, your business will not be able to process credit card payments!)
Your mobile device is susceptible to threat from Internet predators who would love to get their hands on your customers’ credit card information via your mobile payment system technology. Until the threat of mobile malware can be completely removed from the picture, mobile credit card processing simply isn’t as safe as a traditional, designated POS system.
The mobile payment technology sector is not yet standardized in a way that ensures compatibility across operating systems, mobile computing devices, and merchant systems. Therefore, you may be complicating your sales transaction process and limiting your consumers’ options by choosing to use a mobile credit card processing program.
As previously mentioned, any mobile payment system you use will have to rely on at least a 3G data transfer web network to operate. Therefore, if you don’t have access to this Internet capability wherever you plan on accepting credit card payments, mobile payment processing may not even be an option for you.
Historically, the average consumer is slow to accept major changes in the way they spend their money. Mobile payment systems are so new that they scare many customers away. Studies show that not even one out of every five consumers has ever processed a sales transaction through a mobile payment system. No matter how great your business offerings or how reliable/safe your mobile credit card processing system is, consumer reluctance can hold your business back from success in this aspect. You might be better off using a traditional POS until mobile payment technology fully catches on.
As you can see, there are a number of compelling reasons for why you might want to think twice about using mobile payment technology to process your business’s credit card sales transactions. Consider whether or not any of these points apply to you when making that all-important decision. Otherwise, try this Mobilzed system, PayPal, and others. The pros usually outweigh the cons, but make sure you’re making a careful choice.